Odisha Chief Minister Naveen
Patnaik launched the common credit portal SAFAL to increase farmers‟ access to
loans.
SAFAL (Simplified Application for
Agricultural Loans) is India’s
first online agricultural credit facilitation portal. This common credit
portal eases access to over 300 term
loan products provided for farmers and agri-entrepreneurs. These term loan
products will be provided by more than
40 partner banks. The portal acts as a one-stop solution for farmers and
agri-entrepreneurs.
Success
in modern farming depends on a proper combination of money, management, and
marketing which are primarily driven by credit. The basic role of credit in
Agriculture and allied sectors is to provide capital to acquire any kind of
productive assets, land, machinery, etc making credit quintessential for farmers
and agri-preneurs for setting up or expanding their practices.
The
Common Credit Portal is a one-stop solution for farmers and agri-preneurs to
avail formal sector credit from public sector banks, private sector banks,
regional rural banks, Odisha State Cooperative Bank and small finance banks.
Through the common credit portal, the farmers and agri-preneurs can access 50+
loan products offered by 20+ banks. They can apply for the loan online, track
the submitted loan application and receive regular notifications on their
application process.
Features of the credit portal
1. Online
Application: User-facing web portal and mobile
app to apply for and process the loan products offered by 20+ banks in the
agriculture and allied sector. Relevant information such as guidelines, and
model DPRs for all loan products are available on the platform.
2. Status
Tracking: Applicants can track the real-time status of
their applications on the portal or the app using their mobile number. They can
know at what bank-level their application is and who is responsible for
processing the next stage of their application.
3. Proactive
Status Notification: Applicants also get notifications
via SMS and/or E-mail as their application is reverted, sanctioned or rejected
at each stage. They are also informed about any activity that needs to be
undertaken at their end.
4. Online
Application Processing: End-to-end processing
of applications is enabled online on the web portal and mobile app for each
bank level.
5. Common
Portal: The credit portal is a single portal for
accessing all bank loan products available for farmers and agri-preneurs across
agriculture and allied services.
Advantages of the portal
1. Farmers
·
Easier loan application process
·
Better visibility on the type of loan
products offered by banks
·
Ability to prepare quality DPRs by
referring to model DPRs available on the portal
·
Handholding support by the govt to
loan-seeking farmers and agri- entrepreneurs
2. Banks
·
Access to a large pool of loan seekers
·
Better quality applications because of
the provision of model DPRs to farmers
·
Visibility of the status of loan
applications from the branch to the headquarter level
·
No need for manually digitising
sanctioned applications into the Core Banking System
·
Access to the independently calculated
Agri-credit score of the loan seeker.
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